Here is the English translation of the text, with the terms in <> retained as is: Dear Ethereum Community, Today, I am excited to share an important decision with you: I will be stepping down from my role as Executive Director of the Ethereum Foundation (EF) and taking on the new position of President of the Foundation. This new role will allow me to continue supporting the Foundation's institutional relationships and further expand the reach of our vision and culture. I am filled with gratitude and anticipation for the future. I made this decision a year ago, and the recent events have led me to reflect more deeply on what I truly cherish. Over the past few weeks, I have gained a deeper understanding of Ethereum - especially during tense moments when debates arise around network performance or the market value of ETH. This is a global phenomenon, where people talk about Ethereum as if it were their own project. And it is precisely this tension that gives us our greatest advantage: . Our "permissionless" culture not only tolerates differences, but grows stronger through them. And amidst these conflicts, I see glimmers of new hope. This reminds me that often in our darkest moments, we can see the North Star most clearly - those things we take for granted are often the most precious. does not mean treating everything equally, but making principled choices at critical moments to uphold the integrity of Ethereum. Our "Philosophy of Subtraction" is often misunderstood: it is not minimalism, nor is it a deliberate reduction for the sake of doing less, but a result-oriented design mindset. Subtraction is not a process, but a goal: a more balanced, decentralized ecosystem, where no single entity (including the EF) dominates Ethereum's development. These values are our North Star, guiding us to realize Ethereum's original vision of a "world computer". This philosophy permeates everything we do. For example, we do not control the All Core Dev meetings, but rather guide them to allow technical decisions to naturally emerge from community wisdom. We promote client diversity, not just in quantity, but by ensuring they are maintained by different teams within the ecosystem, to avoid single points of failure. We coordinate R&D interoperability workshops, because breakthroughs often come from the collision of different teams' ideas. As the ecosystem's needs evolve, our focus has shifted from "how should the EF execute?" to "how should Ethereum achieve its goals? What role should the EF play?" This does not mean we are retreating, but rather advancing with more purposeful, strategic, and intentional steps, always with the mission of upholding Ethereum's integrity and values. Witnessing the growth of the ecosystem has been an awe-inspiring experience. Seven years ago, when I joined the EF, Ethereum's voice was still faint, and the people building and maintaining the network were more concentrated in a few regions. Back then, I was more inclined to call myself an "Eclectic Dreamer" than an "Executive Director". I often asked myself: what makes Ethereum not just different, but irreplaceable? The answer has always been clear and far-reaching: true resilience, rooted in Ethereum's values. Ethereum's growth is not like a machine, but more like a garden, thriving on biodiversity, flourishing because the entire game is infinite. This is the origin of the "Infinite Garden" concept. When we hear someone say "in my country, decentralization is the only way forward," we realize that Ethereum's technical choices carry profound human significance. This infinite game cannot be completed by the EF alone, but we will continue to defend the values that allow Ethereum's technological and social innovations to continue benefiting humanity.

Thank You

A year ago, when I first discussed the possibility of taking on the role of Chairman with Vitalik, my initial intention was to continue nurturing Ethereum's unique culture and serve as a bridge to connect Ethereum with the broader global community. As the "Rhythm Layering" theory suggests, the evolution of culture is the slowest, yet it is the solid foundation for all other changes - as Stuart Brand said, "If the slow parts don't occasionally let you down, they're not doing their job." Culture transcends the fluctuations of market cycles, supporting us in the winter and propelling us forward in the spring.

Thank you to everyone who has accompanied me on this journey over the past seven years, and to those who have encouraged me to always stay true to myself. Developing the EF and supporting Ethereum often requires unconventional approaches and decisions that challenge traditional organizational wisdom. I am deeply grateful to those who have inspired me to remain courageous, making me believe that by staying true to our values, we will eventually find the path forward. This journey has not been easy, but without your companionship, I would not have been able to reach this point. I also deeply appreciate all the members of the Ethereum Foundation - past and present - it is your patience and courage that have made this extraordinary and unconventional journey possible.

Thank you to all who have constantly reminded me of why we are here.

Let us continue to cultivate this garden.

—Aya Miyaguchi